REDWOOD CITY, Calif., May 23, 2017 /PRNewswire/ -- Women are powering the purse strings at home and on the economic stage to the tune of more than $11.2 trillion of the nation's investable wealth, according to the Center for Talent Innovation.
But that powerful statistic contrasts the percentage of women advising on those assets — data from Cerulli Associates confirms that women only make up 16 percent of financial advisors across the country. "Gender diversity in the workplace drives higher profitability and innovation, but it also allows us to better serve our clients in an authentic way," says Gretchen Halpin, chief strategy officer at Hewins Financial | Wipfli Hewins (Hewins), a national, CPA-based financial advisor.
Recently, Halpin joined a group of female executives and financial professionals to discuss the issue at Financial Advisor Magazine's 2017 Invest in Women conference and the National Association of Personal Financial Advisors (NAPFA)'s spring conference. Representing some of the industry's most established firms, including Dimensional Fund Advisors and THE BAM ALLIANCE, panelists shared perspectives and potential solutions for attracting and retaining women advisors.
"Women are a growth opportunity — bridging the gap and bringing them into the fold is smart business," notes Halpin. "And they are growing into an economic powerhouse, which provides an opportunity for firms to expand this market segment." And she would know — nearly 50 percent of Hewins' advisors are women, many of whom hold positions on its leadership team. Acknowledging both the industry's gender disparity, as well as the largely underserved market of female investors, Hewins has purposely created a culture that provides women advisors with opportunities to grow professionally.
The firm has also extended inclusivity to its female client base through its Invest in Yourself campaign. The program helps clients foster financial independence by offering education tailored specifically to the challenges women face. "As a firm, we strive to empower all of our clients to lead their best financial lives," says Halpin. "We're excited to continue collaborating with our industry peers to continue this vital conversation."
About Hewins Financial | Wipfli Hewins
Hewins Financial | Wipfli Hewins is a national, CPA-based financial advisor that provides integrated financial planning and investment management services to individuals, families, small businesses and retirement plans. Learn More
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